Robert Steinadler, 13 days ago
Every year, the Bitcoin community is celebrating the fact that somebody bought two pizzas online. This looks a little bit strange at first glance but it is one of the most important moments in Bitcoin’s history.
What is Bitcoin Pizza Day all about and why is everybody celebrating it?
Today marks the 13th anniversary of the famous Bitcoin Pizza Day. On May 22, 2010, Laszlo Hanyecz ordered 2 pizzas on Bitcointalk.org for 10,000 BTC. The reason why Hanyecz had to rely on ordering through a forum dedicated to Bitcoin was the state of Bitcoin adoption at that time. There were simply no shops or stores available that would accept Bitcoin.
Hanyecz had to ask somebody else to buy him Pizza and in return send him BTC. The only other option would have been to sell his Bitcoin at an exchange or with a broker and buy the pizzas from the proceeds. With the current Bitcoin price, these two Pizzas would be worth 270.000.000 US-Dollars today.
These two pizzas mark the first recorded transaction in which Bitcoin was exchanged for goods and services. Somebody requested to pay for a service on Bitcointalk before Hanyecz but remains unclear if a transaction took place. The pizzas proved that it was not only possible to use Bitcoin for payments but also something that could potentially offer an advantage over other currencies and payment methods.
Bitcoin Pizza Day is not only a historic moment in Bitcoin’s short history but it also carries an important message. Many people believe that it is outright stupid to sell Bitcoin. They argue that an asset that is continuously appreciating shouldn’t be exchanged for something else. This is an appealing argument because Hanyecz could have been filthy rich instead of eating pizza.
The problem is that without a use case and without the willingness of people to spend Bitcoin it becomes meaningless. A currency without use has no value it is just another token that nobody would be interested in.
In conclusion, Hanyecz was one of the first people in a long chain that contributed to the value of Bitcoin that we see today. You can easily swap it for any fiat currency that you wish for or buy any type of goods and services directly on the internet. Spending or converting Bitcoin is an important factor when it comes down to mass adoption. Of course, you can always “hold” onto it but we all know that most investors will sell once they accrued enough wealth.
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